This paper presents creep-fatigue life evaluation of a nickel-based Alloy 740H, for evaluating its performance as a material of advanced ultra-supercritical power plants. Strain controlled creep-fatigue tests were performed under six strain waveforms using solid bar specimens at 700 °C, and the effect of strain waveform on creep-fatigue life was discussed. Creep-fatigue lives were shorter than pure fatigue life depending on the strain waveform. The failure life in symmetrical waveform was reduced to about half as the strain rate decreased by one order of magnitude. The failure lives in the unsymmetrical waveforms were smaller than that in the symmetrical waveform and tensile slow straining was more detrimental to fatigue life than compressive slow straining. The creep-fatigue life decreased significantly due to strain hold, and tensile peak strain hold had more enhanced effect on fatigue life than compressive strain hold. Applicability of five existing approaches based on linear damage summation rule were discussed. In addition, a new approach based on modified ductility exhaustion model with several modifications was proposed in order to improve the life predictability of the classical approach. Time fraction rule with ASME failure envelope and new approach satisfactorily predicted the creep-fatigue lives almost within a scatter band of 2.